Sensex Up 296 Points, Nifty50 tops 17,050 Led By IT, Pharma Stocks

Power Grid, ICICI Bank, Sun Pharma, Mahindra & Mahindra, HDFC twins (HDFC and HDFC Bank), and Bajaj Finserv attracted the most gains with their shares rising as much as 3.40 per cent

New Delhi: Key Indian indices — Sensex and Nifty — recovered initial losses led by gains in IT and pharma stocks to move higher in a choppy session on Monday.

The 30-share BSE Sensex rose 296 points (0.52 per cent) to close at 57,420, while the broader NSE Nifty settled 83 points (0.49 per cent) higher at 17,086. The BSE index rebounded more than 850 points from its day’s low of 56,543.08.  

Mid- and small-cap shares jumped as Nifty Midcap 100 index climbed 0.44 per cent and Nifty Smallcap 100 index surged 0.20 per cent.

12 out of 15 sector gauges, compiled by the NSE, settled in green. Nifty Pharma, Nifty IT and Nifty Healthcare jumped as much as 1.62 per cent.

On the BSE index, Power Grid, ICICI Bank, Sun Pharma, Mahindra & Mahindra, HDFC twins (HDFC and HDFC Bank) and Bajaj Finserv attracted the most gains with their shares rising as much as 3.40 per cent. On the flipside, Hindalco, Britannia, ONGC, IndusInd Bank and Maruti fell as much as 1.42 per cent.

Shares of RBL Bank tanked 20 per cent after its MD and CEO stepped down and the RBI appointed an executive to its Board.

Adhesives and sealants firm HP Adhesives listed at a 16 per cent premium at Rs 319, and thereafter was locked at the 5 per cent upper circuit at Rs 335. The stock will be trading in the trade-2-trade segment for the first 10 trading sessions.

According to Reuters, there is concern over the widening spread of the Omicron variant, which is overall making people cautious about taking stocks higher in Japan, a market participant at a Japanese securities firm.

In the previous session, the 30-share equity benchmark ended 190.97 points (0.33 per cent) lower at 57,124.31, and Nifty declined 68.85 points (0.40 per cent) to 17,003.75

Meanwhile, foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 715 crore on Friday, according to stock exchange data.

According to analysts, investor sentiment weakened on concerns over impact of restrictions imposed by various states amid rising number of Omicron cases over the weekend.

So far, 422 Omicron cases have been detected across 17 states and Union Territories in India and 130 of these people have recovered or migrated, according to Union Health Ministry data updated on Sunday.

International oil benchmark Brent crude rose 0.40 per cent to $76.09 per barrel.